Smart NFTs are creating a revolution in content distribution
Non-Fungible Tokens, or NFTs, have the potential to revolutionize the way artists, musicians and game developers distribute content. NFTs differ from traditional blockchain assets like bitcoin because each NFT is individually unique, rare and authentic. These characteristics make NFTs attractive to collectors as they can represent various forms of media — for example:
This NFT license gave conference attendees exclusive access to their forthcoming title 22 Racing Series for one week, a real-time strategy (RTS) racer based on GOATi’s own in-house developed physics engine. These hypercars use futuristic vehicle technologies, bringing gamers a racing experience like none other.
Multi-layered Smart NFTs
The cars themselves are actually multi-layered smart NFTs consisting of 25 or more individual NFTs that combine to create a hypercar capable of speeds of over 1,000 kmph.
Those in attendance at PAX Australia were blown away by GOATi Entertainment’s advanced smart NFT technology. Considering the possibilities Smart NFTs bring to the table, this type of technology could have far reaching implications. As an example, imagine if this type of timed release content distribution became the new standard for other types of content such as music and movies. Giving fans a sneak peek behind the scenes look at the latest creations from their favorite artists could be a powerful way to grow interest and drive engagement.
According to Vincent Geneste from the developer group GhostDevs who created the cross chain NFT marketplace GhostMarket, the concept of the infused smart NFT is similar to the nested Russian doll. One NFT can be infused inside of another — and another — and another, creating layers upon layers of complexity never before possible.
Another example of Smart NFT technology is the infusion of other assets into an NFT. Coming shortly to Phantasma and GhostMarket is an on-demand NFT mint shop, pushing the boundaries of NFT technology by giving artists and developers the ability to create NFTs infused with other digital assets such as Ethereum, KCAL or SOUL. In addition, these NFTs can be infused with each other, similar to how the old fashioned nested Russian dolls work. The reverse process of unlocking the assets stored within an infused NFT is made possible through burning of the original NFT, releasing the assets to the user’s wallet.
ROM, RAM and Royalties
The smart NFTs being minted on GhostMarket are unique in that they are able to hold both ROM and RAM data. The ROM is an immutable storage which can never be altered after the NFT has been minted, while the RAM can be reconfigured, for example when your character levels up in a game. Furthermore, these storage options enable artists and developers to program a royalty parameter into their NFTs, aiding financial sustainability for the artists as they will receive a percentage from every second hand sale of the NFT. This gives artists the ability not just to create, but to earn a living from their intellectual property in perpetuity.
The technological backbone of Smart NFTs
This next generation of NFT development is made possible in large part due to the power of the Phantasma blockchain. Phantasma has improved upon the limitations of legacy blockchains by building their blockchain from the ground up. The blockchain includes features like NFT minting, oracles, storage, email and chat natively built into the chain. This has not only allowed Phantasma to deliver next generation technology, but also to overcome the high costs of minting NFTs and being able to store them through a combination of on chain storage and decentralized through IPFSat an extremely low cost to customers.
High gas prices on legacy blockchains like Ethereum can make it cost prohibitive to mint and trade NFTs on the mainnet. According to developer Austin Griffith:
“Based on the current gas prices (08/28/2020), it costs between $15.00 and $50.00 to mint a single piece of NFT artwork on Ethereum and $3.00 or more to send it to another account.”
Phantasma is able to mint smart NFTs on-demand at a very low cost due to NFT minting being a native feature of the blockchain. The network fees are so low that an individual can mint up to 100 NFTs in a single transaction for a total of approximately $5.00 worth of KCAL, GhostMarket service fees included — bringing the average price per NFT to just $0,05. In the event that the KCAL token value should surge, GhostMarket service charges can be easily adjusted to ensure artists can continue minting their NFTs at a very low cost.
It is worth noting that out of the total cost, only a tiny and insignificant fraction makes up the actual network fees — a minor fraction of a single KCAL covers all chain side fees for minting an NFT on Phantasma, meaning that professional dApp developers can essentially mint NFTs for free on Phantasma by staking SOUL and generating KCAL.
Join the revolution
With the high minting costs out of the way the possibilities are endless, with smart NFTs being poised to revolutionize the way we interact with our art, music and games in the coming years. If you want to join the revolution, check out 22 Racing Series through Pavillion. Log in with your Steamaccount or create a new one for a truly seamless blockchain gaming user experience. Also, check out the on-demand NFT mint shop at GhostMarket—and create and sell your own #cryptoart or music smart NFTs on the marketplace.